Common Questions I Hear Concerning Bitcoin
What is it? 1)Digital/Internet currency. 2) Payment network and 3) Decentralized Ledger
What give it value? Simple answer – demand. Longer answer – It solved the double spend problem without the need of a 3rd party financial middle man(bank/paypal/etc). Authorization and Settlement of payment occurs all within the same transaction. Unlike govt currency Bitcoin has a finite supply of 21 million ever to be created. While this is similar to gold in characteristic, it is considered better in this particular sense because even gold is being discovered daily.
Why can’t people just duplicate or make fake ones since its digital? It uses strong cryptography so only bitcoin may be sent to a bitcoin address. This hasn’t been cracked in its 11 year existence.
It cost so much. if it’s for the average person how can one buy that? Bitcoin is divisible down to 8 decimals (0.00000001) so if all you can afford is $5 you can acquire that. If Bitcoin makes a move from 13000 to 20000. That is 53.85% increase and so now your $5 is suddenly worth $7.69.
How can I make sure my bitcoin is safe? Strongly recommend storing your bitcoin on a hardware wallet. We offer several at https://www.cryptocybercafe.com
Are there known and popular businesses accepting bitcoin? Yes. There is a host of businesses. Paypal, AT&T , Overstock.com , NewEgg, Microsoft, etc. The list goes on and on.